Stancorp Financial (SFG) 8-K StanCorp Financial Group, Inc. Reports First Quarter 2012 Earnings

Exhibit 99.2

STANCORP FINANCIAL GROUP, INC.

STATISTICAL SUPPLEMENT

March 31, 2012

(Unaudited)

	Page
Financial Results:
Consolidated Financial Highlights		1
Consolidated Financial Results		2
Results by Segment		3
Insurance Services Segment		4
Insurance Services Segment Statistics		5
Asset Management Segment		6
Other		7
Balance Sheets and Investment Statistics:
Consolidated Balance Sheets		8
Invested Assets Statistics		9
Other Investment Statistics		10

Financial measures that exclude after-tax operating expense reduction initiatives*, after-tax net capital gains and losses and accumulated other comprehensive income (loss) are non-GAAP (Generally Accepted Accounting Principles in the United States) measures. To provide investors with a broader understanding of earnings, the Company provides net income per diluted share excluding after-tax operating expense reduction initiatives* and after-tax net capital gains and losses, along with the GAAP measure of net income per diluted share, because operating expense reduction initiatives* occur infrequently and capital gains and losses are not likely to occur in a stable pattern.

Return on average equity excluding after-tax operating expense reduction initiatives* and after-tax net capital gains and losses from net income and accumulated other comprehensive income (loss) from equity is furnished along with the GAAP measure of net income return on average equity because management believes providing both measures gives investors a broader understanding of return on equity. Measuring return on average equity without accumulated other comprehensive income (loss) excludes the effect of market value fluctuations of the Company’s fixed maturity securities associated with changes in interest rates and other market data. Management believes that measuring return on average equity without accumulated other comprehensive income (loss) is important to investors because the turnover of the Company’s portfolio of fixed maturity securities may not be such that unrealized gains and losses reflected in accumulated other comprehensive income (loss) are ultimately realized. Furthermore, for the purpose of calculating this ratio, management believes exclusion of accumulated other comprehensive income (loss) provides investors with a better measure of return.

Effective January 1, 2012, the Company adopted Accounting Standards Update 2010-26,Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts, on a retrospective basis. In accordance with this adoption, the Company has adjusted its financial results herein for the periods 2009 through 2011 and has recognized a cumulative effect adjustment of $11.0 million as of January 1, 2009.

Certain prior period amounts may have been reclassified to conform to the current period’s presentation.

*Represents costs incurred in 2009 related to operating expense reduction initiatives.

StanCorp Financial Group, Inc.

1100 SW Sixth Avenue

Portland, Oregon 97204

Investor Inquiries:

Jeff Hallin

Phone: (971) 321-6127

Fax: (971) 321-5037

Email:jeff.hallin@standard.com

Web site address:http://www.stancorpfinancial.com

STANCORP FINANCIAL GROUP, INC.

Financial Highlights

(Dollars in millions- except share data)

CONSOLIDATED

																2012			2011
2007			2008			2009			2010			2011				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Income (loss) before income taxes:
$	322.6		$	366.4		$	352.5		$	310.4		$	201.2		Insurance Services	$	46.1		$	53.3		$	65.0		$	36.9		$	46.0
	42.9			34.9			35.8			55.5			61.3		Asset Management		15.0			14.0			12.3			16.1			18.9
	(23.8	)		(160.2	)		(77.9	)		(87.8	)		(71.0	)	Other		(13.4	)		(15.8	)		(11.3	)		(28.4	)		(15.5	)
	341.7			241.1			310.4			278.1			191.5		Total income before income taxes		47.7			51.5			66.0			24.6			49.4
	114.2			78.2			104.9			92.2			54.8		Income taxes		12.5			12.9			19.0			6.8			16.1
$	227.5		$	162.9		$	205.5		$	185.9		$	136.7		Net income	$	35.2		$	38.6		$	47.0		$	17.8		$	33.3
															Net income per common share:
$	4.39		$	3.33		$	4.20		$	3.97		$	3.05		Basic	$	0.79		$	0.87		$	1.06		$	0.40		$	0.72
	4.35			3.30			4.19			3.95			3.04		Diluted		0.79			0.87			1.05			0.40			0.72
															Share data:
	51,824,050			48,917,235			48,932,908			46,774,277			44,876,650		Basic weighted-average		44,327,122			44,205,832			44,521,757			44,868,646			45,933,253
	52,344,950			49,292,240			49,044,543			47,006,228			45,016,070		Diluted weighted-average		44,461,841			44,278,707			44,577,667			45,056,472			46,190,915
	49,155,131			48,989,074			47,744,524			46,159,387			44,268,859		At period end		44,377,419			44,268,859			44,186,432			44,540,232			45,384,126
$	227.5		$	162.9		$	205.5		$	185.9		$	136.7		Net income	$	35.2		$	38.6		$	47.0		$	17.8		$	33.3
	—			—			(12.0	)		—			—		After-tax operating expense reduction initiatives*		—			—			—			—			—
	(0.4	)		(83.4	)		(17.3	)		(32.1	)		(4.5	)	After-tax net capital gains (losses)		(0.1	)		0.7			4.8			(8.5	)		(1.5	)
$	227.9		$	246.3		$	234.8		$	218.0		$	141.2		Net income excluding after-tax operating expense reduction initiatives* and after-tax net capital gains (losses)	$	35.3		$	37.9		$	42.2		$	26.3		$	34.8
$	(0.6	)	$	(128.8	)	$	(26.9	)	$	(51.6	)	$	(6.9	)	Net capital gains (losses)	$	(0.2	)	$	1.0		$	7.7		$	(13.1	)	$	(2.5	)
	(0.2	)		(45.4	)		(9.6	)		(19.5	)		(2.4	)	Tax expense (benefit) on net capital gains (losses)		(0.1	)		0.3			2.9			(4.6	)		(1.0	)
$	(0.4	)	$	(83.4	)	$	(17.3	)	$	(32.1	)	$	(4.5	)	After-tax net capital gains (losses)	$	(0.1	)	$	0.7		$	4.8		$	(8.5	)	$	(1.5	)
															Diluted earnings per common share:
$	4.35		$	3.30		$	4.19		$	3.95		$	3.04		Net income	$	0.79		$	0.87		$	1.05		$	0.40		$	0.72
	—			—			(0.25	)		—			—		After-tax operating expense reduction initiatives*		—			—			—			—			—
	—			(1.70	)		(0.35	)		(0.68	)		(0.10	)	After-tax net capital gains (losses)		—			0.02			0.11			(0.19	)		(0.03	)
$	4.35		$	5.00		$	4.79		$	4.63		$	3.14		Net income excluding after-tax operating expense reduction initiatives* and after-tax net capital gains (losses)	$	0.79		$	0.85		$	0.94		$	0.59		$	0.75
$	1,429.0		$	1,380.3		$	1,721.0		$	1,894.6		$	1,990.4		Shareholders’ equity	$	2,033.5		$	1,990.4		$	2,012.0		$	1,899.4		$	1,883.8
	16.8			(153.9	)		71.4			160.9			235.1		Accumulated other comprehensive income (loss)		237.6			235.1			259.7			186.0			151.4
$	1,412.2		$	1,534.2		$	1,649.6		$	1,733.7		$	1,755.3		Shareholders’ equity excluding accumulated other comprehensive income (loss)	$	1,795.9		$	1,755.3		$	1,752.3		$	1,713.4		$	1,732.4
	15.7%			11.6	%		13.3	%		10.3	%		7.0	%	Net income return on average equity		7.0	%		7.7	%		9.6	%		3.8	%		7.1	%
	15.8			11.1			12.9			11.0			7.8		Net income return on average equity (excluding accumulated other comprehensive income (loss))		7.9			8.8			10.8			4.1			7.7
	15.8			16.7			14.7			12.9			8.1		Net income return on average equity (excluding after-tax operating expense reduction initiatives*, after-tax net capital gains (losses) and accumulated other comprehensive income (loss))		8.0			8.6			9.7			6.1			8.0
															Book value per common share:
$	29.07		$	28.18		$	36.05		$	41.04		$	44.96		Including accumulated other comprehensive income (loss)	$	45.82		$	44.96		$	45.53		$	42.64		$	41.51
	0.34			(3.14	)		1.50			3.48			5.31		Accumulated other comprehensive income (loss)		5.35			5.31			5.87			4.17			3.34
$	28.73		$	31.32		$	34.55		$	37.56		$	39.65		Excluding accumulated other comprehensive income (loss)	$	40.47		$	39.65		$	39.66		$	38.47		$	38.17
	3,437			3,436			3,150			3,091			2,974		Number of employees		2,948			2,974			3,045			3,076			3,078

* Represents costs incurred in 2009 related to operating expense reduction initiatives.

Page 1

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

CONSOLIDATED

				000.000.0			000.000.0			000.000.0			000.000.0		000.000.0		000.000.0			000.000.0			000.000.0			000.000.0			000.000.0
																2012			2011
2007			2008			2009			2010			2011				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	2,078.3		$	2,140.2		$	2,101.9		$	2,097.7		$	2,153.3		Premiums	$	553.3		$	542.7		$	539.8		$	537.0		$	533.8
	115.2			114.6			108.5			116.5			115.5		Administrative fees		28.6			28.1			28.5			29.5			29.4
	516.3			541.0			586.5			602.5			612.8		Net investment income		159.7			155.9			147.3			152.6			157.0
															Net capital gains (losses):
	(2.5)			(104.9	)		(5.9	)		(0.7	)		(1.8	)	Total other-than-temporary impairment losses on fixed maturity securities—available-for-sale		(0.8	)		(0.1	)		(0.3	)		(0.5	)		(0.9	)
	1.9			(23.9	)		(21.0	)		(50.9	)		(5.1	)	All other net capital gains (losses)		0.6			1.1			8.0			(12.6	)		(1.6	)
	(0.6)			(128.8	)		(26.9	)		(51.6	)		(6.9	)	Total net capital gains (losses)		(0.2	)		1.0			7.7			(13.1	)		(2.5	)
	2,709.2			2,667.0			2,770.0			2,765.1			2,874.7		Total revenues		741.4			727.7			723.3			706.0			717.7
															Benefits and expenses:
	1,591.8			1,589.4			1,575.7			1,619.8			1,771.2		Benefits to policyholders		450.0			446.5			432.2			452.4			440.1
	108.8			110.7			145.6			158.4			161.0		Interest credited		47.2			43.9			36.7			40.0			40.4
	434.8			469.2			476.2			446.2			471.2		Operating expenses		123.9			114.1			120.7			118.1			118.3
	198.0			227.6			202.0			206.1			218.7		Commissions and bonuses		55.4			52.6			53.1			54.2			58.8
	36.4			37.3			34.2			34.7			36.7		Premium taxes		10.0			9.3			9.1			8.9			9.4
	30.7			39.2			39.2			38.9			38.9		Interest expense		9.7			9.7			9.7			9.8			9.7
	(86.2	)		(115.3	)		(76.7	)		(76.0	)		(81.7	)	Deferral of acquisition costs		(21.5	)		(17.2	)		(20.1	)		(18.6	)		(25.8	)
	53.2			67.8			63.4			58.9			67.2		Amortization of deferred acquisition costs, value of business acquired and other intangible assets		19.0			17.3			15.9			16.6			17.4
	2,367.5			2,425.9			2,459.6			2,487.0			2,683.2		Total benefits and expenses		693.7			676.2			657.3			681.4			668.3
	341.7			241.1			310.4			278.1			191.5		Income before income taxes		47.7			51.5			66.0			24.6			49.4
	114.2			78.2			104.9			92.2			54.8		Income taxes		12.5			12.9			19.0			6.8			16.1
	227.5			162.9			205.5			185.9			136.7		Net income		35.2			38.6			47.0			17.8			33.3
															Other comprehensive income (loss), net of tax:
															Unrealized gains (losses) on securities—available-for-sale:
	25.0			(206.0	)		210.8			100.5			103.4		Net unrealized capital gains (losses) on securities available-for-sale		1.3			3.9			73.5			35.0			(9.0	)
	(2.0)			80.3			3.5			(9.6	)		(5.9	)	Reclassification adjustment for net capital (gains) losses included in net income		(0.8	)		(1.2	)		(0.7	)		(1.2	)		(2.8	)
															Employee benefit plans:
	0.3			(45.9	)		8.4			(5.0	)		(26.6	)	Prior service credit (cost) and net gains (losses) arising during the period, net		0.4			(28.1	)		—			—			1.5
	1.6			0.9			4.9			3.6			3.3		Reclassification adjustment for amortization to net periodic pension cost, net		1.6			0.8			0.9			0.8			0.8
	24.9			(170.7	)		227.6			89.5			74.2		Total		2.5			(24.6	)		73.7			34.6			(9.5	)
$	252.4		$	(7.8	)	$	433.1		$	275.4		$	210.9		Comprehensive income (loss)	$	37.7		$	14.0		$	120.7		$	52.4		$	23.8
															Statutory data - insurance subsidiaries:
$	309.3		$	341.6		$	375.0		$	317.4		$	185.1		Net gain from operations before federal income taxes and realized capital gains (losses)	$	42.1		$	40.7		$	68.1		$	32.6		$	43.7
	197.2			235.0			251.4			202.4			143.1		Net gain from operations after federal income taxes and before realized capital gains (losses)		36.8			44.4			54.9			17.2			26.6
	1,047.8			1,154.6			1,243.2			1,226.8			1,193.1		Capital and surplus		1,219.8			1,193.1			1,256.2			1,213.0			1,237.1
	102.2			78.8			89.7			95.6			107.2		Asset valuation reserve		111.7			107.2			96.5			98.3			97.1

Page 2

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

RESULTS BY SEGMENT

			000.000.0			000.000.0			000.000.0			000.000.0		000.000.0		000.000.0			000.000.0			000.000.0			000.000.0			000.000.0
															2012			2011
2007		2008			2009			2010			2011				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
														Revenues:
														Premiums:
$	2,063.6	$	2,109.1		$	2,067.2		$	2,056.2		$	2,145.3		Insurance Services	$	551.1		$	540.9		$	538.3		$	535.6		$	530.5
	14.7		31.1			34.7			41.5			8.0		Asset Management		2.2			1.8			1.5			1.4			3.3
	2,078.3		2,140.2			2,101.9			2,097.7			2,153.3		Total premiums		553.3			542.7			539.8			537.0			533.8
														Administrative fees:
	8.4		9.2			8.3			9.6			12.3		Insurance Services		3.1			3.7			3.0			2.9			2.7
	118.7		118.3			114.1			121.5			119.9		Asset Management		29.9			28.7			29.7			30.9			30.6
	(11.9)		(12.9	)		(13.9	)		(14.6	)		(16.7	)	Other		(4.4	)		(4.3	)		(4.2	)		(4.3	)		(3.9	)
	115.2		114.6			108.5			116.5			115.5		Total administrative fees		28.6			28.1			28.5			29.5			29.4
														Net investment income:
	325.8		337.5			335.1			338.9			341.3		Insurance Services		84.6			85.7			85.8			85.4			84.4
	170.2		183.8			234.0			251.0			262.7		Asset Management		73.1			69.2			59.0			64.9			69.6
	20.3		19.7			17.4			12.6			8.8		Other		2.0			1.0			2.5			2.3			3.0
	516.3		541.0			586.5			602.5			612.8		Total net investment income		159.7			155.9			147.3			152.6			157.0
	(0.6)		(128.8	)		(26.9	)		(51.6	)		(6.9	)	Net capital gains (losses)		(0.2	)		1.0			7.7			(13.1	)		(2.5	)
	2,709.2		2,667.0			2,770.0			2,765.1			2,874.7		Total revenues		741.4			727.7			723.3			706.0			717.7
														Benefits and expenses:
	2,075.2		2,089.4			2,058.1			2,094.3			2,297.7		Insurance Services		592.7			577.0			562.1			587.0			571.6
	260.7		298.3			347.0			358.5			329.3		Asset Management		90.2			85.7			77.9			81.1			84.6
	31.6		38.2			54.5			34.2			56.2		Other		10.8			13.5			17.3			13.3			12.1
	2,367.5		2,425.9			2,459.6			2,487.0			2,683.2		Total benefits and expenses		693.7			676.2			657.3			681.4			668.3
														Income (loss) before income taxes:
	322.6		366.4			352.5			310.4			201.2		Insurance Services		46.1			53.3			65.0			36.9			46.0
	42.9		34.9			35.8			55.5			61.3		Asset Management		15.0			14.0			12.3			16.1			18.9
	(23.8)		(160.2	)		(77.9	)		(87.8	)		(71.0	)	Other		(13.4	)		(15.8	)		(11.3	)		(28.4	)		(15.5	)
	341.7		241.1			310.4			278.1			191.5		Total income before income taxes		47.7			51.5			66.0			24.6			49.4
	114.2		78.2			104.9			92.2			54.8		Income taxes		12.5			12.9			19.0			6.8			16.1
$	227.5	$	162.9		$	205.5		$	185.9		$	136.7		Net income	$	35.2		$	38.6		$	47.0		$	17.8		$	33.3

Page 3

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

INSURANCE SERVICES SEGMENT

				April			April			April			April		April		April			April			April			April			April
																2012			2011
2007			2008			2009			2010			2011				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	2,063.6		$	2,109.1		$	2,067.2		$	2,056.2		$	2,145.3		Premiums	$	551.1		$	540.9		$	538.3		$	535.6		$	530.5
	8.4			9.2			8.3			9.6			12.3		Administrative fees		3.1			3.7			3.0			2.9			2.7
	325.8			337.5			335.1			338.9			341.3		Net investment income		84.6			85.7			85.8			85.4			84.4
																			��
	2,397.8			2,455.8			2,410.6			2,404.7			2,498.9		Total revenues		638.8			630.3			627.1			623.9			617.6
															Benefits and expenses:
	1,569.4			1,549.7			1,530.3			1,566.4			1,750.9		Benefits to policyholders		444.7			441.4			427.1			448.1			434.3
	16.1			10.8			4.7			4.8			4.6		Interest credited		1.6			1.1			0.9			1.6			1.0
	313.2			338.4			333.9			331.8			338.7		Operating expenses		92.6			82.3			84.2			85.7			86.5
	167.5			175.8			169.8			175.7			185.1		Commissions and bonuses		48.7			44.8			46.1			43.7			50.5
	36.4			37.3			34.2			34.5			36.6		Premium taxes		10.0			9.3			9.1			8.8			9.4
	(70.6)			(75.2	)		(57.9	)		(61.3	)		(64.5	)	Deferral of acquisition costs		(18.6	)		(13.7	)		(17.1	)		(12.1	)		(21.6	)
	43.2			52.6			43.1			42.4			46.3		Amortization of deferred acquisition costs, value of business acquired and other intangible assets		13.7			11.8			11.8			11.2			11.5
	2,075.2			2,089.4			2,058.1			2,094.3			2,297.7		Total benefits and expenses		592.7			577.0			562.1			587.0			571.6
$	322.6		$	366.4		$	352.5		$	310.4		$	201.2		Income before income taxes	$	46.1		$	53.3		$	65.0		$	36.9		$	46.0
															Benefit ratio (including interest credited):
	66.1	%		63.5	%		63.7	%		65.3	%		70.3	%	% of total revenues		69.9	%		70.2	%		68.3	%		72.1	%		70.5	%
	76.8			74.0			74.3			76.4			81.8		% of total premiums		81.0			81.8			79.5			84.0			82.1
															Statistics (% of total premiums):
	15.2	%		16.0	%		16.2	%		16.1	%		15.8	%	Operating expenses		16.8	%		15.2	%		15.6	%		16.0	%		16.3	%
	15.6			17.4			17.1			15.1			9.4		Income before income taxes		8.4			9.9			12.1			6.9			8.7

Page 4

STANCORP FINANCIAL GROUP, INC.

Insurance Services Segment Statistics

(Dollars in millions)

INSURANCE SERVICES SEGMENT

				00.000.0			00.000.0			00.000.0			00.000.0		00.000.0		00.000.0			00.000.0			00.000.0			00.000.0			00.000.0
																2012			2011
2007			2008			2009			2010			2011				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Group Insurance:
															Premiums:
$	807.2		$	850.3		$	819.6		$	835.7		$	892.6		Life and AD&D	$	224.9		$	221.8		$	224.7		$	224.5		$	221.6
	869.8			862.9			825.6			799.9			803.3		LTD		204.2			201.3			200.5			201.4			200.1
	219.5			215.5			205.7			203.7			208.0		STD		53.8			51.7			52.4			52.5			51.4
	70.8			75.8			79.5			81.5			81.6		Other		19.9			21.1			20.5			20.2			19.8
	(37.2	)		(44.6	)		(40.2	)		(27.9	)		(12.5	)	Experience rated refunds		4.1			1.7			(4.0	)		(5.7	)		(4.5	)
$	1,930.1		$	1,959.9		$	1,890.2		$	1,892.9		$	1,973.0		Total premiums	$	506.9		$	497.6		$	494.1		$	492.9		$	488.4
															Benefit ratio (including interest credited):
	67.4	%		63.9	%		64.7	%		66.8	%		72.1	%	% of total revenues		72.8	%		71.8	%		70.0	%		73.6	%		73.1	%
	77.4			73.6			74.7			77.2			83.1		% of total premiums		83.5			82.8			80.7			84.8			84.2
															Statistics (% of total premiums):
	15.1	%		16.1	%		16.3	%		16.2	%		15.8	%	Operating expenses		16.9	%		15.4	%		15.7	%		16.0	%		16.3	%
	14.5			17.2			16.3			13.9			7.9		Income before income taxes		5.6			8.8			10.6			5.9			6.2
															Sales (annualized new premiums) reported at contract effective date:
$	181.4		$	134.8		$	124.8		$	156.9		$	155.5		Life and AD&D	$	57.5		$	34.5		$	23.5		$	20.1		$	77.4
	168.7			93.5			95.3			103.1			107.7		LTD		48.6			26.1			22.1			9.3			50.2
	34.2			33.5			35.6			45.1			42.6		STD		15.0			8.2			6.9			5.2			22.3
	24.5			30.7			32.1			25.5			30.6		Other		7.7			5.9			11.2			3.1			10.4
$	408.8		$	292.5		$	287.8		$	330.6		$	336.4		Total sales	$	128.8		$	74.7		$	63.7		$	37.7		$	160.3
															Persistency (% of premiums):
	89.9	%		83.3	%		84.4	%		89.8	%		89.8	%	Life and AD&D
	87.5			83.4			85.6			89.1			89.7		LTD
	82.9			81.0			77.8			87.9			87.1		STD
	74.3			79.0			77.2			78.3			76.7		Other
	87.4	%		82.9	%		83.8	%		88.7	%		88.8	%	Total persistency
															Individual Disability:
$	133.5		$	149.2		$	177.0		$	163.3		$	172.3		Premiums:	$	44.2		$	43.3		$	44.2		$	42.7		$	42.1
															Benefit ratio:
	50.6	%		59.2	%		54.1	%		50.5	%		51.4	%	% of total revenues		40.1	%		54.3	%		51.0	%		56.7	%		43.6	%
	69.3			78.7			69.3			66.8			67.3		% of total premiums		52.3			70.9			66.3			74.5			57.2
															Statistics (% of premiums):
	16.6	%		15.7	%		14.2	%		15.7	%		15.3	%	Operating expenses		15.4	%		13.6	%		14.9	%		15.9	%		16.9	%
	32.2			19.6			25.2			28.8			26.3		Income before income taxes		39.8			21.5			28.7			17.8			37.3
$	23.9		$	26.4		$	23.0		$	21.1		$	22.2		Disability sales	$	5.0		$	4.8		$	6.8		$	5.1		$	5.5
	95.0	%		94.7	%		92.9	%		94.8	%		95.1	%	Disability persistency (% of premiums)

Page 5

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

ASSET MANAGEMENT SEGMENT

																2012			2011
2007			2008			2009			2010			2011				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	14.7		$	31.1		$	34.7		$	41.5		$	8.0		Premiums	$	2.2		$	1.8		$	1.5		$	1.4		$	3.3
	118.7			118.3			114.1			121.5			119.9		Administrative fees		29.9			28.7			29.7			30.9			30.6
	170.2			183.8			234.0			251.0			262.7		Net investment income		73.1			69.2			59.0			64.9			69.6
	303.6			333.2			382.8			414.0			390.6		Total revenues		105.2			99.7			90.2			97.2			103.5
															Benefits and expenses:
	22.4			39.7			45.4			53.4			20.3		Benefits to policyholders		5.3			5.1			5.1			4.3			5.8
	92.7			99.9			140.9			153.6			156.4		Interest credited		45.6			42.8			35.8			38.4			39.4
	120.2			131.4			126.9			119.0			115.2		Operating expenses		30.2			28.0			28.9			28.9			29.4
	30.5			51.8			32.2			30.4			33.6		Commissions and bonuses		6.7			7.8			7.0			10.5			8.3
	—			—			—			0.2			0.1		Premium taxes		—			—			—			0.1			—
	0.5			0.4			0.1			0.1			—		Interest expense		—			—			—			—			—
	(15.6)			(40.1)			(18.8)			(14.7)			(17.2)		Deferral of acquisition costs		(2.9)			(3.5)			(3.0)			(6.5)			(4.2)
	10.0			15.2			20.3			16.5			20.9		Amortization of deferred acquisition costs, value of business acquired and other intangible assets		5.3			5.5			4.1			5.4			5.9
	260.7			298.3			347.0			358.5			329.3		Total benefits and expenses		90.2			85.7			77.9			81.1			84.6
$	42.9		$	34.9		$	35.8		$	55.5		$	61.3		Income before income taxes	$	15.0		$	14.0		$	12.3		$	16.1		$	18.9
															Assets under administration:
$	18,725.6		$	14,467.3		$	15,780.3		$	15,281.7		$	13,764.9		Retirement Plans *	$	14,824.4		$	13,764.9		$	13,580.4		$	15,247.5		$	15,309.7
	1,295.9			2,056.6			2,390.9			2,684.2			2,975.7		Individual Annuities		3,012.4			2,975.7			2,920.5			2,895.1			2,750.6
	1,899.4			2,526.2			2,588.8			2,697.3			2,691.6		Mortgage loans for other investors		2,686.9			2,691.6			2,699.2			2,698.7			2,670.7
	447.3			644.7			1,093.9			1,224.5			1,001.5		Private client wealth management		1,059.9			1,001.5			965.8			1,199.7			1,230.5
$	22,368.2		$	19,694.8		$	21,853.9		$	21,887.7		$	20,433.7		Total assets under administration	$	21,583.6		$	20,433.7		$	20,165.9		$	22,041.0		$	21,961.5
															Annualized operating expenses:
															(% of average assets under administration)
	0.56	%		0.62	%		0.65	%		0.57	%		0.58	%	Retirement Plans*		0.62	%		0.60	%		0.58	%		0.56	%		0.56	%
															Interest credited:
															(% of investment income)
	54.9	%		57.0	%		57.5	%		56.5	%		54.6	%	Retirement Plans		53.0	%		53.6	%		56.0	%		55.5	%		53.6	%
	67.0			64.2			68.4			69.0			66.5		Individual Annuities		70.8			68.9			69.5			66.3			61.9
$	210.7		$	895.4		$	398.8		$	363.8		$	410.3		Individual Annuity sales	$	63.5		$	84.5		$	60.2		$	175.2		$	90.4
$	1,447.3		$	1,373.8		$	718.5		$	887.5		$	1,007.7		Commercial mortgage loans originated	$	209.5		$	237.0		$	271.7		$	302.7		$	196.3

* Includes the August 2007 acquisition of DPA, Inc.

Page 6

STANCORP FINANCIAL GROUP, INC.

Financial Results

(In millions)

OTHER

																2012			2011
2007			2008			2009			2010			2011				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Revenues:
$	(11.9	)	$	(12.9	)	$	(13.9	)	$	(14.6	)	$	(16.7	)	Administrative fees	$	(4.4	)	$	(4.3	)	$	(4.2	)	$	(4.3	)	$	(3.9	)
	20.3			19.7			17.4			12.6			8.8		Net investment income		2.0			1.0			2.5			2.3			3.0
															Net capital gains (losses):
	(2.5)			(104.9	)		(5.9	)		(0.7	)		(1.8	)	Total other-than-temporary impairment losses on fixed maturity securities—available-for-sale		(0.8	)		(0.1	)		(0.3	)		(0.5	)		(0.9	)
	1.9			(23.9	)		(21.0	)		(50.9	)		(5.1	)	All other net capital gains (losses)		0.6			1.1			8.0			(12.6	)		(1.6	)
	(0.6)			(128.8	)		(26.9	)		(51.6	)		(6.9	)	Total net capital gains (losses)		(0.2	)		1.0			7.7			(13.1	)		(2.5	)
	7.8			(122.0	)		(23.4	)		(53.6	)		(14.8	)	Total revenues		(2.6	)		(2.3	)		6.0			(15.1	)		(3.4	)
															Benefits and expenses:
	1.4			(0.6	)		15.4			(4.6	)		17.3		Operating expenses		1.1			3.8			7.6			3.5			2.4
	30.2			38.8			39.1			38.8			38.9		Interest expense		9.7			9.7			9.7			9.8			9.7
	31.6			38.2			54.5			34.2			56.2		Total benefits and expenses		10.8			13.5			17.3			13.3			12.1
$	(23.8	)	$	(160.2	)	$	(77.9	)	$	(87.8	)	$	(71.0	)	Loss before income taxes	$	(13.4	)	$	(15.8	)	$	(11.3	)	$	(28.4	)	$	(15.5	)

Page 7

STANCORP FINANCIAL GROUP, INC.

Consolidated Balance Sheets

(In millions)

CONSOLIDATED

			000.000.0			000.000.0		000.000.0		000.000.0	000.000.0		000.000.0		000.000.0		000.000.0		000.000.0		000.000.0
												2012		2011
2007		2008			2009		2010		2011			1st Qtr		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
											ASSETS
											Investments:
$	4,997.1	$	5,200.3		$	6,167.3	$	6,419.1	$	6,769.5	Fixed maturity securities—available-for-sale	$	6,863.8	$	6,769.5	$	6,717.3	$	6,551.2	$	6,444.5
	4.5		1.4			1.1		—		—	Short-term investments		—		—		—		—		—
	3,657.7		4,083.6			4,284.8		4,513.6		4,902.3	Commercial mortgage loans, net		4,980.2		4,902.3		4,828.8		4,761.6		4,615.0
	53.8		62.5			93.4		153.1		92.7	Real estate, net		101.5		92.7		104.0		121.9		141.5
	21.9		22.2			23.2		60.8		130.9	Other invested assets		177.4		130.9		134.9		116.1		83.7
	8,735.0		9,370.0			10,569.8		11,146.6		11,895.4	Total investments		12,122.9		11,895.4		11,785.0		11,550.8		11,284.7
	205.8		280.5			108.3		152.0		138.4	Cash and cash equivalents		116.0		138.4		172.2		111.1		86.5
	106.8		101.9			104.4		101.9		118.8	Premiums and other receivables		123.2		118.8		121.2		111.7		114.6
	93.1		103.1			108.8		110.8		111.7	Accrued investment income		114.0		111.7		114.2		112.2		114.9
	929.6		944.0			935.0		938.3		949.3	Amounts recoverable from reinsurers		953.7		949.3		942.6		942.3		940.5
	288.8		334.5			316.6		330.2		344.9	Deferred acquisition costs, value of business acquired and other intangible assets, net		349.1		344.9		343.7		341.9		344.5
	36.0		36.0			36.0		36.0		36.0	Goodwill		36.0		36.0		36.0		36.0		36.0
	126.9		136.1			127.2		111.5		101.3	Property and equipment, net		98.7		101.3		102.9		102.8		107.9
	—		75.1			—		—		—	Deferred tax assets, net		—		—		—		—		—
	74.5		98.1			66.7		101.7		113.9	Other assets		102.1		113.9		64.5		101.8		67.5
	4,386.4		3,075.9			4,174.5		4,787.4		4,593.5	Separate account assets		5,083.4		4,593.5		4,205.6		5,014.9		5,056.5
$	14,982.9	$	14,555.2		$	16,547.3	$	17,816.4	$	18,403.2	Total assets	$	19,099.1	$	18,403.2	$	17,887.9	$	18,425.5	$	18,153.6
											LIABILITIES AND SHAREHOLDERS’ EQUITY
											Liabilities:
$	5,158.7	$	5,285.9		$	5,368.7	$	5,502.3	$	5,683.6	Future policy benefits and claims	$	5,714.5	$	5,683.6	$	5,622.1	$	5,580.2	$	5,531.5
	3,153.8		3,944.1			4,337.1		4,627.8		5,078.1	Other policyholder funds		5,122.5		5,078.1		4,969.2		4,898.7		4,692.6
	15.6		—			22.2		48.9		103.0	Deferred tax liabilities, net		117.7		103.0		98.7		54.9		43.4
	4.0		3.7			2.9		2.2		251.2	Short-term debt		251.3		251.2		251.3		1.4		1.8
	562.6		561.5			553.2		551.9		300.9	Long-term debt		301.3		300.9		300.8		551.4		551.6
	272.8		303.8			367.7		401.3		402.5	Other liabilities		474.9		402.5		428.2		424.6		392.4
	4,386.4		3,075.9			4,174.5		4,787.4		4,593.5	Separate account liabilities		5,083.4		4,593.5		4,205.6		5,014.9		5,056.5
	13,553.9		13,174.9			14,826.3		15,921.8		16,412.8	Total liabilities		17,065.6		16,412.8		15,875.9		16,526.1		16,269.8
											Shareholders’ equity:
	267.1		262.9			220.4		158.2		82.4	Common stock		87.8		82.4		78.7		86.8		123.6
	16.8		(153.9	)		71.4		160.9		235.1	Accumulated other comprehensive income (loss)		237.6		235.1		259.7		186.0		151.4
	1,145.1		1,271.3			1,429.2		1,575.5		1,672.9	Retained earnings		1,708.1		1,672.9		1,673.6		1,626.6		1,608.8
	1,429.0		1,380.3			1,721.0		1,894.6		1,990.4	Total shareholders’ equity		2,033.5		1,990.4		2,012.0		1,899.4		1,883.8
$	14,982.9	$	14,555.2		$	16,547.3	$	17,816.4	$	18,403.2	Total liabilities and shareholders’ equity	$	19,099.1	$	18,403.2	$	17,887.9	$	18,425.5	$	18,153.6

Page 8

STANCORP FINANCIAL GROUP, INC.

Invested Assets Statistics

(Dollars in millions)

CONSOLIDATED

																2012			2011
2007			2008			2009			2010			2011				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Investments:
															Fixed maturity securities—available-for-sale:
$	4,390.8		$	4,547.1		$	5,367.1		$	5,620.7		$	5,983.3		Public	$	6,023.2		$	5,983.3		$	5,908.0		$	5,759.9		$	5,647.7
	606.3			653.2			800.2			798.4			786.2		Private		840.6			786.2			809.3			791.3			796.8
	4,997.1			5,200.3			6,167.3			6,419.1			6,769.5		Total fixed maturity securities—available-for-sale		6,863.8			6,769.5			6,717.3			6,551.2			6,444.5
	4.5			1.4			1.1			—			—		Short-term investments		—			—			—			—			—
	3,657.7			4,083.6			4,284.8			4,513.6			4,902.3		Commercial mortgage loans, net		4,980.2			4,902.3			4,828.8			4,761.6			4,615.0
	53.8			62.5			93.4			153.1			92.7		Real estate, net		101.5			92.7			104.0			121.9			141.5
	21.9			22.2			23.2			60.8			130.9		Other invested assets		177.4			130.9			134.9			116.1			83.7
$	8,735.0		$	9,370.0		$	10,569.8		$	11,146.6		$	11,895.4		Total investments	$	12,122.9		$	11,895.4		$	11,785.0		$	11,550.8		$	11,284.7
															Percent of investments:
	57.2	%		55.5	%		58.3	%		57.6	%		56.9	%	Fixed maturity securities—available-for-sale		56.6	%		56.9	%		57.0	%		56.7	%		57.1	%
	0.1			—	��		—			—			—		Short-term investments		—			—			—			—			—
	41.9			43.6			40.5			40.5			41.2		Commercial mortgage loans, net		41.1			41.2			41.0			41.2			40.9
	0.6			0.7			1.0			1.4			0.8		Real estate, net		0.8			0.8			0.9			1.1			1.3
	0.2			0.2			0.2			0.5			1.1		Other invested assets		1.5			1.1			1.1			1.0			0.7
															Fixed maturity securities—available-for-sale:
	101.3	%		97.6	%		104.2	%		106.7	%		109.0	%	Market value as a % of amortized cost		109.0	%		109.0	%		108.8	%		107.1	%		106.1	%

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STANCORP FINANCIAL GROUP, INC.

Other Investment Statistics

(Dollars in millions)

CONSOLIDATED

				00.00			00.00			00.00			00.00		00.00		00.00			00.00			00.00			00.00			00.00
																2012			2011
2007			2008			2009			2010			2011				1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
															Portfolio yield:
	5.57	%		5.63	%		5.46	%		5.31	%		5.08	%	Fixed maturity securities—available-for-sale		5.00	%		5.08	%		5.14	%		5.19	%		5.26	%
	6.36			6.39			6.46			6.45			6.34		Commercial mortgage loans, net		6.30			6.34			6.38			6.41			6.42
															Fixed maturity securities—available-for-sale:
															Quality rating (as % of fixed maturities):
	72.5	%		71.5	%		69.8	%		71.5	%		69.0	%	A or higher		68.0	%		69.0	%		70.9	%		69.8	%		70.8	%
	23.4			23.6			24.8			23.3			25.4		BBB/Baa		26.4			25.4			23.7			25.0			23.7
	2.4			2.8			3.5			3.4			4.1		BB/Ba		4.2			4.1			3.9			3.5			3.8
	1.7			2.1			1.9			1.8			1.5		B or lower		1.4			1.5			1.5			1.7			1.7
															Commercial mortgage loan statistics:
															Sixty-day delinquencies:
$	1.9		$	7.8		$	17.3		$	19.6		$	17.1		Book value	$	16.6		$	17.1		$	21.3		$	22.1		$	19.6
	0.05	%		0.19	%		0.40	%		0.43	%		0.34	%	Rates—overall %		0.33	%		0.34	%		0.43	%		0.46	%		0.42	%
$	0.5		$	6.8		$	33.2		$	118.6		$	40.3		Foreclosed during period	$	8.6		$	14.3		$	7.0		$	9.0		$	10.0
	0.7			3.9			6.2			9.3			5.1		In process of foreclosure		7.5			5.1			13.8			15.7			8.0
	0.7			3.9			6.2			8.2			5.1		Included in sixty-day delinquencies		7.5			5.1			13.8			15.7			6.6
	3.4			6.2			28.7			76.6			93.7		Net balance of restructured loans*		88.9			93.7			89.3			78.9			82.9
															Reserve balances:
$	3.0		$	6.8		$	19.6		$	36.1		$	48.1		Commercial mortgage loans, net	$	45.6		$	48.1		$	47.1		$	43.5		$	39.4

* Amount is calculated using statutory accounting principles

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